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Various forms of irrationality often provide the rationale for intervention to address market failures. However, in a democratic society, these forms of irrationality often provide the impetus for government policy. The policy task is to develop risk regulation policies that would emerge if the public responded rationally to risk.

Various forms of irrationality often provide the rationale for intervention to address market failures. However, in a democratic society, these forms of irrationality often provide the impetus for government policy. The policy task is to develop risk regulation policies that would emerge if the public responded rationally to risk.